Empirical Studies in Financial Accounting

Abstract 1. Introduction
This paper aims to fill this gap by exploring how CDR can affect the financial performance of Ofogh Kourosh Company and the mediating role of organizational reputation and the moderating role of workforce digital transformation in this relationship. The rise of digital technologies has radically transformed the way businesses operate, offering new opportunities for innovation and business models. However, these changes also introduce new legal, social, and ethical challenges. Corporate Digital Responsibility, as a new concept, requires organizations to adhere to ethical principles in their use of digital technologies, which can ultimately improve their financial performance. This research explores whether organizations that adopt CDR principles can experience better financial outcomes, and how organizational reputation and workforce digital transformation can influence this relationship. In the digital age, organizations face significant challenges related to digital responsibility. Corporate Digital Responsibility (CDR) has emerged as a new approach, compelling organizations to follow ethical, transparent, and secure practices when utilizing digital technologies and data. CDR emphasizes protecting privacy, ensuring cybersecurity, and using new technologies ethically. This not only helps build trust with stakeholders but also enhances organizational performance. Despite growing interest in CDR, there has been limited research on the direct relationship between Corporate Digital Responsibility and organizational financial performance, particularly in emerging economies such as Iran.

2. Literature Review
As one of the largest and most successful retail chains in Iran, Ofogh Kourosh Company is an ideal example to examine the impact of corporate digital responsibility on financial performance and organizational reputation. The company has a prominent position in the Iranian retail industry due to its large operational scale, daily interaction with a wide range of customers, and use of modern technologies in supply chain processes. Ofogh Kourosh has not only made significant efforts in the field of digitalization, but also faces significant challenges in the field of digital transformation of employees; a challenge that plays a vital role in the success or failure of implementing corporate digital responsibility. In the retail industry, gaining the trust of customers and stakeholders is of particular importance to maintain and increase market share. Organizational reputation, as one of the key success factors, plays an important role in attracting and retaining customers, creating competitive differentiation, and strengthening organizational communications. As Ofogh Kourosh is continuously evaluating its financial performance and improving its reputation, it provides a suitable platform for studying the relationship between corporate digital responsibility and organizational reputation and financial performance.
3. Methodology
The research is applied in its purpose and descriptive in terms of methodology. To collect data, a standard questionnaire was used to measure Corporate Digital Responsibility, organizational reputation, workforce digital transformation, and financial performance. The questionnaire's validity was ensured through content validity, and its reliability was verified using Cronbach's alpha. The study's statistical population consisted of all employees of Ofogh Kourosh Company, with a sample of 105 selected using purposive sampling. Structural Equation Modeling (SEM) was used to analyze the data, as it is suitable for examining complex relationships between variables. The key variables examined in this study include Corporate Digital Responsibility, organizational reputation, workforce digital transformation, and financial performance. Corporate Digital Responsibility is the responsible and ethical use of digital technologies by organizations, while organizational reputation is stakeholders' positive perceptions of the organization. Workforce digital transformation is the process of enabling employees to use digital technologies effectively, and financial performance is the dependent variable, reflecting the organization's financial success.
4. Results
The results of the data analysis indicate that Corporate Digital Responsibility has a significant positive impact on the financial performance of Ofogh Kourosh Company. Furthermore, organizational reputation serves as a mediating factor in this relationship, suggesting that organizations that adhere to CDR principles can improve their reputation, which, in turn, positively influences their financial performance. The findings also demonstrate that workforce digital transformation acts as a moderator, enhancing the impact of Corporate Digital Responsibility on financial performance. In other words, organizations that equip their employees with digital skills and enable them to adapt to technological changes can leverage Corporate Digital Responsibility to achieve better financial outcomes.
The study shows that organizations with a strong commitment to Corporate Digital Responsibility, such as ensuring data privacy, cybersecurity, and transparency in digital practices, can improve their long-term financial performance. This research emphasizes that organizations should not only follow CDR principles but also continuously update and effectively implement them in their processes. The study also highlights that while CDR can enhance financial performance, the effect can be more substantial in organizations that prioritize workforce digital transformation.
Additionally, organizational reputation was found to play a crucial role in improving financial performance. Organizations with better reputations are more likely to attract customers, investors, and employees, thereby contributing to improved financial performance. As a result, strengthening organizational reputation through responsible digital practices can serve as a competitive advantage. This finding suggests that organizations should invest in building their reputations through transparent digital practices and the ethical use of technology, which can help improve both their public image and financial outcomes.
5. Discussion
This study provides valuable insights into the relationship between Corporate Digital Responsibility (CDR) and financial performance, showing that CDR has a significant positive impact on financial performance. However, the effect of CDR on financial performance depends on how effectively it is implemented and integrated with other organizational strategies, such as workforce digital transformation and organizational reputation. Organizations that adhere to CDR principles and strengthen their reputation are more likely to experience better financial outcomes. Moreover, workforce digital transformation plays a vital role in enhancing the impact of CDR on financial performance. Organizations that empower their employees with digital skills and equip them to use new technologies effectively are better positioned to benefit from CDR's positive effects.
6. Conclusion
The findings of this study underscore the importance of Corporate Digital Responsibility as both an ethical responsibility and a strategic tool that can enhance organizational performance in a competitive market. To achieve the best possible results, organizations must continuously update their CDR strategies and integrate them into their broader business operations. Additionally, organizations should focus on building their reputation through transparent digital practices and ensuring that their employees are well-prepared to adapt to digital transformations.
Based on the findings, managers are encouraged to prioritize Corporate Digital Responsibility and implement strategies that enhance the organization's reputation and promote digital skills among employees. This approach can help organizations improve their financial performance and establish themselves as trusted and reputable entities in the market. Furthermore, future research can examine the impact of CDR on financial performance across industries and explore the role of other mediating variables, such as customer satisfaction, employee loyalty, stakeholder trust, and organizational innovation.
Acknowledgments
We would like to thank and appreciate the cooperation of various levels of management of the Ofogh Kourosh complex and all participants in this research who spent their time and patience helping us in carrying out the research stages.

Abstract Given that the number of citations a research work gives to other studies is considered a measure of its scientific credibility, researchers might focus more on the quantity of citations rather than their thematic relevance to their own work. Therefore, this study aims to examine the thematic similarity between the citations and the core topic of the citing research. To achieve this objective, Natural Language Processing (NLP) was employed as one of the most significant approaches for working with textual data in machine learning. After extracting citation data from the web pages of Science Ministry journals from 1393 until 1402(Iranian calendar) using web crawling, the thematic relevance of citations and the core theme of each study were calculated using the all-mpnet model. The results indicate that the thematic cohesion between citations and the core research topic in Iranian journals is at a proper level. Furthermore, the citations by Iranian researchers are primarily to sources published in first and second-quartile journals (Q1) and (Q2), indicating their credibility. Additionally, the most highly cited sources in Iranian accounting and auditing research were identified. The novel methodology and findings of this study can significantly contribute to evaluating citation practices. They can assist journals in more accurately assessing citations, helping them move beyond a sole focus on citation count and instead utilize the degree of citation relevance as an indicator for evaluating citation quality.
Keywords: Bidirectional Encoder Representations from Transformers (BERT), Citation Analysis, Machine learning, Natural language processing, Text mining.

Introduction

The number of citations a paper receives has become one of the most visible proxies for scientific credibility in modern academia. Journals, funding agencies, promotion committees, and even national ranking systems routinely treat citation counts as evidence of impact (Dechow et al., 2020; van Raan et al., 2003; Woolgar, 1991). Yet this very pressure creates a perverse incentive: researchers may inflate reference lists with prestigious but topically distant sources simply to boost perceived legitimacy (Dai et al., 2021; Iqbal et al., 2021).
In this study, we define citation quality through a new lens: thematic cohesion, which refers to the degree of semantic alignment between the core topic of a paper and the titles of every work it cites. Although erroneous and irrelevant citations have been documented even in top-tier international journals (Evans et al., 1990), no large-scale, automated assessment of thematic cohesion has ever been conducted in Iranian accounting and auditing literature.
Using web scraping, Scopus quartile mapping, and state-of-the-art Sentence-BERT embeddings, we address three interrelated questions:

To what extent do Iranian accounting researchers cite journals of established global prestige?
How strong is the thematic cohesion between Iranian papers and the works they cite?

By moving beyond raw counts and making relevance visible, measurable, and enforceable, this study offers editors a practical tool to reward substance over symbolism and provides Iranian accounting scholarship with a roadmap to even greater international influence.

Methodology

This quantitative study adopts an applied research design that combines content analysis with large-scale text mining. The population comprises all references appearing in articles published in Iran’s Ministry of Science-approved accounting and auditing journals between 2014 and 2023. Of the 20 recognized journals, 14 provided full-text HTML archives suitable for automated retrieval, forming the final sampling frame.
Data were collected using custom Python web crawlers built with the Requests and BeautifulSoup libraries. The scripts systematically traversed journal archives, extracted article-level metadata, and downloaded full texts, yielding 3,436 published papers. After excluding 470 articles whose PDFs could not be parsed, 2,966 full texts entered the pipeline. From these, 132,543 raw references were harvested. Four exclusion filters were then applied, including Persian-language references, books, theses, conference papers, and working papers, legal documents and standards, and non-journal items without a DOI or Scopus entry. This rigorous cleaning retained 65,146 foreign journal citations from 2,938 articles.
Each cited journal was matched to its ISSN in the Scopus Source List (2023 release). Quartiles were assigned dynamically by year and subject category, producing the final distribution: Q1 (77.5%), Q2 (15.2%), Q3 (5.4%), and Q4 + unranked (2.0%).
Semantic similarity between every citing-title /and cited-title pair was computed using multilingual Sentence-BERT (sentence-transformers/paraphrase-multilingual-mpnet-base-v2), fine-tuned on more than 100 languages, including Persian and English. Cosine similarity scores were scaled to 0–100%. Inter-coder reliability was established on a random 500-pair subsample manually labelled by two accounting PhD candidates. Embedding stability was confirmed by repeating the analysis with three different seeds; the maximum variation in journal-level means was 0.12 percentage points.
By combining web-scale data acquisition with state-of-the-art NLP, this methodology delivers the first objective, replicable measure of citation relevance ever applied to an entire national accounting literature.

Results

The analysis of 65,146 international journal citations reveals a clear portrait of Iranian accounting scholarship: globally oriented, prestige-conscious, and already practising a respectable thematic discipline. Iranian papers’ citations suggest that 77 percent of the citations are made to Q1 journals. No ministry-approved journal falls below 67% Q1+Q2 combined. The leader, “Professional Auditing Research”, directs 83.1% of its citations to Q1 outlets; even the most locally oriented title, “Governmental Accounting”, still achieves 53.7% Q1.
Across all 65,146 citation pairs, the mean thematic cohesion is 45.4%. The distribution is remarkably symmetrical and bell-shaped, peaking at 45–50%. Only 9% of citations reach the high-to-excellent zone above 55%, while 10% fall into the weak territory below 35%. In other words, Iranian accounting researchers rarely cite completely irrelevant work, but they also rarely achieve perfect topical harmony.
Every single year stays within the 44.7–47.6% corridor. The absence of a strong upward or downward trend suggests that citation culture has matured but not yet entered a phase of deliberate relevance optimisation.
Taken together, the results paint Iranian accounting scholarship as internationally ambitious and methodologically disciplined. The community already cites the right journals; the next frontier is citing the right ideas inside them.

Discussion

The fact that average thematic cohesion plateaus at 45.4%—solidly “good” yet never crossing the 50%, reveals a subtle but systematic gap. Ten percent of all citations drift into the weak zone (<35%). Another 81% hover in the moderate-to-good band, useful but rarely transformative. Only 9% achieve the high-to-excellent alignment that signals a genuine intellectual dialogue. This gap is not unique to Iran. Global studies repeatedly warn that citation inflation, the Matthew Effect, and strategic referencing are widespread (Biglu, 2008; Bornmann & Daniel, 2008; Dai et al., 2021). What makes the Iranian case instructive is the stability of the 45% ceiling across ten years and fourteen journals.
The benefit of thematic cohesion is that it is cheap, instantaneous, and impossible to game. A single Sentence-BERT inference on a standard laptop takes 0.03 seconds per citation pair. An entire manuscript can be scored before the reviewer finishes the first page. Journals that adopt a modest gate would immediately filter out decorative references while preserving author freedom. Early adopters elsewhere have reported reference list shrinkage of 12–18% with no loss of scientific depth (Aljuaid et al., 2021; Anglin et al., 2021).

Conclusion

Iranian accounting and auditing scholarship has reached a pivotal moment. For a decade, the community has looked outward with confidence: 77.5% of all citations now flow to Q1 journals. Yet global engagement must now evolve into a global conversation. The 45.4% average thematic cohesion achieved across 65,146 citations tells editors that most references already serve the argument, but one in ten does not, and only one in eleven truly transforms it.
When Iranian journals lead the shift toward the new article evaluation measure provided in this paper, first, domestic papers will become sharper, more readable, and more persuasive. Second, international reviewers will notice the difference and reward it with faster acceptances and higher citations. The future of Iranian accounting research is therefore not about citing more; it is about citing better.
 
 

Abstract In recent years, increasing attention has been paid to the adoption of information technology (IT) in organizations, particularly in the field of internal auditing. Integrating IT tools and systems into traditional auditing practices is a key driver for improving the efficiency, effectiveness, and accuracy of internal audit processes. This study aimed to explore the challenges, barriers, and solutions for IT integration in the internal auditing processes of companies listed on the Tehran Stock Exchange. A qualitative approach was adopted, and data were collected in 2024 through interviews with 18 internal audit experts. Thematic analysis was performed using MAXQDA software. The findings revealed that the primary challenges and barriers to IT integration in internal auditing were organizational limitations, technical constraints, auditors' perceived barriers, and insufficient training. To address these issues, the following solutions were proposed: promoting a culture of IT adoption, organizational commitment to implementing new technologies, providing the necessary infrastructure, and reinforcing employees’ training and IT-related skills.

Introduction

In recent years, the role of technology in organizations, particularly in internal auditing, has become increasingly critical. It is now essential for improving processes and ensuring accountability in today’s digital environment (Mohd Noor & Mansor, 2019; Ronkko et al., 2018). Traditional auditing approaches, which rely on manual work and paperwork, are both time-intensive and resource-heavy (Eulerich et al., 2021). Adopting technology in internal auditing is crucial for several reasons. First, technology can simplify auditing processes by automating repetitive tasks, giving auditors more capacity to focus on important areas such as risk evaluation (Al-Hiyari, 2019). Second, it can enhance the precision of audits by processing complex data and minimizing errors, resulting in higher-quality reports (Jaber & Abu Wadi, 2018). Third, using technology enables real-time access to data, allowing auditors to monitor financial activities and compliance more effectively (Mohd Noor & Mansor, 2019). This study examines the challenges and potential approaches to introducing technology into internal auditing in companies listed on the Tehran Stock Exchange. It seeks to answer the question: What challenges and approaches do experts identify for integrating technology into internal auditing?

Theoretical Background and Literature Review

Davis’s (1989) Technology Acceptance Model explains two factors that influence whether people adopt new tools: how useful they believe the tools will be and how simple they are to use. These factors shape the decisions of internal auditors when considering new technologies (Radner & Rothschild, 1975). Ease of use refers to how much effort a person expects will be needed to work with a system. For auditors, this includes whether the tools are straightforward, easy to learn, and well-supported. Integrating technology with traditional auditing practices offers opportunities for improvement, such as making processes faster, more accurate, and more effective. However, studies show that despite these advantages, technology adoption in auditing has not progressed as expected in Iran. While some research has explored the reasons behind this slow uptake, there is little analysis of the specific challenges and solutions involved. This study aims to fill that gap by examining these issues and providing recommendations.

Research Methodology

This research is qualitative and uses thematic analysis. It is a cross-sectional study carried out in 2024. The participants included internal auditors from companies listed on the Tehran Stock Exchange, selected using the snowball sampling method.
 
The reliability of the interviews conducted in this research, calculated using the above formula, is 77%. Since this value is greater than 60%, the coding reliability of this study is confirmed.

Discussion and Conclusion

This study aimed to explore the challenges, obstacles, and approaches to incorporating information technology into internal auditing through an analysis of participant responses. The findings point to several difficulties, including structural issues within organizations, technical challenges, and auditors’ perceptions of technology use. The study also highlights a gap in providing proper training for internal auditors in this area. Despite rapid advancements in technology, companies are not allocating enough resources to prepare their staff. Moreover, since many auditors are older, offering training often requires significant effort and expense. To address these issues, organizations can focus on helping managers and employees better understand the benefits of using technology in internal auditing. Explaining how it adds value to their work and showing clear examples of cost efficiency can reduce resistance. Another important step is creating a workplace environment that encourages fresh thinking and supports the adoption of modern tools. This can inspire auditors to explore and use technology more confidently.
 
 

Abstract This study seeks to provide a framework for facilitating tokenization implementation processes in the context of cloud accounting platforms and to evaluate its core and propositional contexts at the level of capital market companies. In terms of methodology, this study combines exploratory and developmental approaches and, in the qualitative part, aims to identify areas that facilitate the processes of implementing tokenization in cloud accounting platforms. The qualitative results derived from 12 interviews and the creation of 284 open codes indicate the identification of three categories with six components and thirty-one propositional themes. Then, through Delphi analysis, six propositional themes were eliminated in two rounds, leaving a total of twenty-five propositional themes along with six core components for fuzzy network analysis. The results of the fuzzy network analysis first showed that the two components of security support and cyber support are more effective in implementing tokenization to improve the security of cloud accounts of capital market companies. Second, it was found that defining a digital signature for each user to secure cloud accounts and defining user authentication to secure cloud accounts are considered the most important propositional themes in this regard.

Introduction

The increasing changes in the world of communication and information have significantly transformed the functional systems of accounting knowledge compared to the past and have become part of companies’ business strategies in exchanging information with stakeholders. The extent of these changes has led the accounting profession to consider more comprehensive aspects of reflecting information to stakeholders by modifying its functional infrastructure in information disclosure, while still maintaining its classic practices. In this way, these changes have reduced the costs of comparing financial statements for information users and have improved the quality of financial decisions, both by accelerating the receipt and analysis of information and by enhancing the allocation of competitive resources.
 

Literature Review

Cloud accounting is a type of cloud computing program designed specifically for processing financial data. It can shorten financial procedures through a system that enables the processing, storage, and feedback of financial functions to stakeholders at a higher speed than in the past. These services are provided to information users online and through remote servers by companies and accounting units. On the other hand, cloud accounting can also be regarded as a form of data mining and data storage that, through online or web-based reporting, improves the quality of financial decisions by providing more reliable information disclosure. Cloud accounting typically includes a set of applications that allow information users to access data more quickly and conveniently through the Internet.
 

Methodologhy

In this study, the methodology is a so-called multi-method approach to implementing the research objectives. The data collection methods are diverse and combine both qualitative and quantitative tools. The qualitative methodological process uses interviews, while the quantitative methodological process relies on fuzzy checklists. In terms of the philosophical nature of the study, it should be considered inductive-deductive. By relying on the inductive philosophy, the study seeks to identify the underlying dimensions that facilitate tokenization implementation processes in the context of cloud accounting platforms. On the other hand, the deductive philosophy supports the generalization of the central components and propositional themes to the study context, enabling the evaluation of the identified dimensions at the level of capital market companies. From an objective approach, it should be acknowledged that, due to the emerging nature of the phenomenon under study, this research is classified as exploratory. From a results perspective, the study should be considered developmental, as it attempts to create a more coherent understanding of this phenomenon in accounting knowledge by integrating a set of contextual factors that influence the facilitation of tokenization implementation processes in cloud accounting.
 

Result

Since the conceptual nature of tokenization is based on securing both physical and digital accounts, this study sought to identify the prerequisite functions required to facilitate its implementation processes in the context of a cloud accounting platform, using grounded theory analysis. Considering the emergence of theoretical saturation in the twelfth interview with research experts, 284 open codes were created. Based on axial and selective coding, three categories, six components, and thirty-one propositional themes were identified. These dimensions represent three general mechanisms that facilitate tokenization in enhancing the effectiveness of cloud accounting: management support, strategic/strategic support, and institutional/social support. Each refers to areas that can be addressed by allocating resources and providing professional training in a timely manner. First, professional operators can be prepared for the adoption of cloud accounting through both mental and professional empowerment, while resources are allocated for software and infrastructure development to improve the security of accounts. Second, internal supervisory units should provide security and cyber support to ensure users receive higher-quality, more secure financial information. Third, through institutional and social functions, upstream organizations should work toward the standardization and integration of companies' practices in using cloud accounting platforms by setting more specific requirements, thereby create a higher level of support for shareholders and other information users.
 

Discussion

This study seeks to provide a framework for facilitating tokenization implementation processes in the context of cloud accounting platforms and to evaluate its core and propositional contexts at the level of capital market companies. In interpreting the results, it should be noted that security support, as a foundation for facilitating tokenization and enhancing the effectiveness of cloud accounting functions, is considered both a structural and strategic approach to strengthening the cloud accounting platform against hacker intrusion. Based on the ranking of propositional themes, it was determined that accounting units using this platform need to maintain proper supervision over the registration of documents, payments, and receipts by designating operators with the ability to digitally sign, in order to prevent the hacking of companies' accounts and financial systems.
 

Conclusion

In line with the results obtained, strategists of leading companies using the effective functions of cloud accounting platforms are advised to develop the security and cyber capabilities of accounts beyond the tools currently defined in cloud computing.

Abstract The purpose of this research is to develop a framework for digital asset accounting and to evaluate the axes identified based on mutual matrices. The methodology of this study is exploratory and developmental, combining qualitative and quantitative data collection. First, it seeks to provide a theoretical framework based on Glaser's (1992) ground theory approach. Second, to determine the most effective central component of digital assets accounting implementation, the interpretive ranking process is applied. The tools used in the qualitative part are interviews with experts selected through theoretical and snowball sampling, and the tools used in the quantitative part are paired comparison checklists of row "i" and column "j". The results of the qualitative part of the study, conducted through 12 interviews, indicate the identification of 4 categories, 5 components, and 25 conceptual themes. These formed the theoretical framework of the investigated phenomenon, with reliability of the main axes confirmed through Delphi analysis. The results of the quantitative part also showed that the central component of compliance with the internal controls of digital assets ("J4") is the most important mechanism for implementing digital asset accounting in the context of capital market companies, which can strengthen the information capacities of users.
Introduction
The changing world of global trade has led to the emergence of new forms of commercial exchange in which assets are traded virtually without the need for physical presence in a contract. In other words, with the reduction of barriers to international trade due to technological developments and the shift in the nature of assets toward virtualization, digital assets have become one of the easiest means of commercial exchange between companies and investors. These assets, which are intangible in nature, not only have high potential to increase the value of companies but also generate higher profit margins because they bring lower costs to companies compared to tangible assets.
 

2. Literature Review

Digital assets were initially classified as “Cryptocurrencies” in the category of intangible assets, valued by connecting to a “Blockchain” as the basis for maintaining and sharing these virtual assets among investors. The ecosystem of this type of asset, beyond the initial idea of ​transactions based on digital currencies, has now become part of the capital functions of companies, as increasing demand from investors has enhanced its value and nature as an intangible asset. As a result, although digital assets were initially similar to cryptocurrencies at the time of their emergence in 2008, today digital assets have a different definition from cryptocurrencies, despite a gray boundary in terms of the nature of their shares. In fact, this change was introduced by the World Bank with the aim of shaping the nature of digital assets in transparent financial reporting. In a specific definition, digital assets are considered to include content based on images, photos, videos, or any intangible content feature that can create value for its holder. By contrast, cryptocurrencies are a type of digital money in which currency production and verification of transaction authenticity are controlled using encryption algorithms.
 

Methodologhy

The methodology of this study is considered to be of a mixed data type. In the qualitative part of the study, due to the lack of a measurable theoretical basis to describe the concept of digital asset accounting, the grounded theory analysis process is used. This provides a theoretical framework as the basic objective of the study, while the quantitative part explores the main axes identified in the theoretical framework in the context of the capital market through reciprocal and diagonal matrix processes. Philosophically, the nature of this study can be considered basic according to the matrix of methodological strategies, with this philosophical basis justified in the methodology through an inductive/deductive combination. In other words, the philosophy of research based on induction helps identify emerging aspects of digital accounting in a cognitive framework, and the deductive philosophy allows the research to examine the identified factors.
 

Result

In this study, due to the dispersion of digital asset disclosure standards and the indirect nature of institutional oversight, an attempt was made to identify the effective factors in the implementation of digital asset accounting based on Glaser's approach in the grounded theory analysis process. Based on 12 interviews conducted with academic experts and through three coding stages, a total of 4 main categories, 5 central components, and 25 initial conceptual themes were identified. These dimensions were an attempt to answer the first research question, which sought to identify the axes of implementing digital asset accounting in capital market companies. The study aimed to determine the central components needed to create a strategic approach to preventing structural opportunism in the emergence of digital assets in the context of capital market companies. To explain the central components, the fuzzy Delphi process was used to assess whether the axes of implementing digital accounting are feasible at the level of capital market companies. The results of this process confirmed that all 5 identified main axes can be useful in the functional evaluation of implementing digital accounting procedures. Furthermore, during the paired comparison process based on reciprocal matrices, and in response to the second research question, it was determined that compliance with internal controls of digital assets ("J4") is the most effective axis component to be considered in the implementation of accounting for these assets.

Discussion

In analyzing the results, it should be stated that internal controls in the disclosure of digital assets, due to the continuous internal monitoring of companies from a structural perspective, enable companies to, first, improve the quality of financial reporting on these assets by facilitating the process of independent auditors' reviews. Second, dynamic monitoring through internal controls provides a level of assurance in calculating the fair value of digital assets in accordance with Standard No. 17 of Intangible Assets and helps strengthen the operational efficiency of companies in using these assets. Adherence to fair value through internal control, by preventing the flow of profit or loss resulting from fluctuations in fair value in the income statement, improves the accuracy of digital asset figures from a disclosure perspective. At the same time, it enables the connection of these values ​​with other aspects of operating profit and helps create a better balance in financial statements.

Conclusion

Given the results, it is recommended that policymakers in the field of accounting standards develop a new standard under the title of digital assets, based on the separation of digital assets into intangible asset items and relying on the existing accounting standards 8, 10, 15, 17, and 21. Integrating digital assets into the intangible asset subset can contribute to the consistency and overall philosophy of the standards for these assets.

Abstract Digital accounting systems play a crucial role in managing financial transactions, recording data, and facilitating decision-making processes. The aim of the current research is to identify and analyze the factors influencing companies’ intention to use digital accounting systems. This study is practical in nature and employs a descriptive survey method for data collection. Data were gathered through questionnaires distributed to 275 accountants and analyzed using structural equation modeling. In this research, the information systems success model (ISSM), the technology acceptance model (TAM), the expectation-confirmation model (ECM), and a combined model were applied to test 11 research hypotheses. The findings revealed that system quality, information quality, perceived usefulness, perceived ease of use, confirmation, and satisfaction significantly and positively influence companies' intention to continue using digital accounting systems. Overall, the findings demonstrate that a proper understanding of the factors affecting the continuance intention of digital accounting systems plays a key role in their acceptance and long-term use. Introduction Information technology (IT) plays a key role in the success of various fields, including accounting. IT helps organizations cope with changes and gain a competitive advantage (Almaqtari et al., 2023). Organizational managers and market participants require reliable, sufficient, and timely financial/accounting information to make accurate decisions (Al-Hattami and Kabra, 2022). Digital accounting systems (DAS) serve as a key tool for achieving this objective (Alawaqleh and AlSohaimat, 2017). In the business sector, DAS plays a prominent role in managing financial transactions, recording data, and facilitating decision-making. The effective use of DAS necessitates considering the factors influencing companies’ intention to adopt and continue using it. A review of the literature indicates that, to date, few studies have focused on identifying and evaluating the factors affecting the intention to continue using DAS, particularly at the organizational level. Models such as the IS success model (ISSM) by DeLone and McLean (1992), Davis’s (1989) technology acceptance model (TAM), and Bhattacherjee’s (2001) expectation-confirmation model (ECM) are widely recognized for their applicability to analyzing specific systems and technologies. These models are extensively used due to their adaptability to different environmental contexts. The present study investigates the factors influencing organizational users’ intention to adopt and continue employing DAS by applying the three aforementioned models and a combined model. Methodology The present study included seven constructs: system quality, information quality, perceived usefulness, perceived ease of use, confirmation, satisfaction, and intention to continue using DAS. The research constructs were measured using scales adapted from previous studies. The items for the constructs were rated on a 5-point Likert scale. A questionnaire was employed to collect data, and a total of 285 usable questionnaires were obtained. The population of this study consisted of accountants from manufacturing companies in Tehran Province. The sample size was determined using the convenience sampling method. The reliability of the constructs was assessed using composite reliability (CR) and average variance extracted (AVE), while their validity was evaluated through convergent and divergent validity. Structural equation modeling was used to test the research hypotheses and model. Results and Discussion According to the research findings, the variables of system quality (SQ), information quality (IQ), perceived usefulness (PU), perceived ease of use (PEU), and satisfaction (SAT) have a significant positive effect on the intention to continue using digital accounting systems (ICU-DAS). Furthermore, SQ, IQ, PU, PEU, and confirmation (CON) have a significant positive effect on SAT. In addition, PEU has a significant positive effect on PU. Based on unstandardized coefficients (B), a one-unit increase in SQ, IQ, PU, PEU, and SAT can result in an increase of 0.353, 0.137, 0.154, 0.283, and 0.186 units in DAS, respectively. Similarly, a one-unit increase in SQ, IQ, PU, and CON can result in an increase of 0.262, 0.178, 0.194, and 0.258 units in SAT, respectively. Finally, a one-unit increase in PEU causes an increase of 0.247 units in PU. In this research, the mediating effects of PU and SAT were tested. PU mediates the relationship between CON and SAT, with 0.081 units of the total effect (0.339 units) attributable to the mediator variable. Furthermore, SAT mediates the relationship between the four variables of PEU, IQ, SQ, and PU with ICU-DAS. For instance, in the relationship between PEU and ICU-DAS, 0.047 of the total effect (0.331) is due to SAT. As both direct and indirect effects are significant in all five relationships, it can be concluded that the mediating effects in all five relationships are partial. The coefficient of determination (R²) for the IS success model (ISSM), technology acceptance model (TAM), expectation-confirmation model (ECM), and the combined model were 32%, 39%, 31%, and 45%, respectively. Conclusion This research developed a new model by combining the IS success model (ISSM), technology acceptance model (TAM), and expectation-confirmation model (ECM). The results demonstrated that the explanatory power of the combined model was higher than that of the three individual models. According to the findings, SQ, IQ, PU, PEU, CON, and SAT significantly affect ICU-DAS. For example, the information quality, by promoting the accuracy and reliability of financial information, can increase the intention to continue using DAS. Based on the findings, identifying and understanding the factors affecting the intention to continue using digital accounting systems can help company managers and policymakers make informed decisions regarding the adoption and long-term use of such systems. Organizations can enhance the acceptance and continuous use of systems (including DAS), by improving SQ, IQ, and employee satisfaction. Moreover, organizations can effectively monitor the planning and implementation process through the application of DAS. Finally, technology vendors and accounting software providers can increase their revenue by improving the quality of their products and services.  

Abstract The purpose of this research is to explore perspectives on sustainability in strategic management accounting for the sustainability of companies in the context of financial technologies (FinTech). In terms of research method and based on its purpose and type of results, this study is classified as exploratory and developmental research. Initially, through thematic analysis, the accounting functions of strategic management for corporate sustainability in terms of financial technologies were identified. The reliability of the identified themes was then examined using Delphi analysis. Finally, through scenario analysis, the research aimed to establish strategic management accounting perspectives related to sustainability in financial technologies (FinTech). The results of the first phase of the research, conducted through 13 interviews revealed the identification of 3 overarching themes, 6 organizing themes, and 26 basic themes.

Introduction

Neoclassical economists and numerous management theories emphasize the assumption that the primary goal of companies is to maximize shareholder interests under competitive market conditions and limited capacities for acquiring financial resources. Shareholders are regarded as the most critical providers of financial resources necessary to advance corporate goals. Consequently, companies must adopt various significant approaches to secure stable financial resources and maintain their position in competitive market environments. One such approach involves leveraging financial technologies, or fintech, which focus on investing in technological infrastructure to achieve longer-term goals. These strategies aim to influence competitive dynamics arising from economic decisions and address the side effects of the company's operations on other stakeholders. Fintechs are defined as financial operational structures that enhance the scope of services expected by stakeholders through the application of innovative technologies, such as blockchain.

Literature Review

With the evolution of financial and accounting information technologies and infrastructures, management accounting is increasingly regarded as a dynamic phenomenon requiring reorganization in both cognitive and content dimensions. These changes, which began in 2008 with the emergence of fintech and artificial intelligence, have accelerated significantly in recent years. Fintech refers to innovative methods of financial transactions and reimbursement systems enabled by advancements in computer communication, big data analysis, networking, and artificial intelligence technology. The term fintech, an abbreviated of “financial technology” is often used in the context of financial strategies adopted by commercial businesses. Through fintech, businesses can develop capacities to deliver digital financial services using cutting-edge software and technologies.

Methodology

Based on the objective classification in the methodology, this study is considered exploratory because it utilizes expert interviews to identify the driving criteria of strategic management accounting for the sustainability of companies using financial technologies. In terms of its results, the study is developmental, as the combination of phenomena investigated lacks theoretical coherence and an integrated content framework in the study’s context. In terms of data type, this study employs a mixed-method approach. In the qualitative phase, thematic analysis and expert interviews were used to identify the driving criteria of strategic management accounting for corporate sustainability in the context of financial technologies. Subsequently, a Delphi analysis was conducted to examine the reliability of the identified themes. In the quantitative phase, the study utilizes scenario analysis to determine the functional perspectives of strategic management accounting drivers for sustainability in companies using financial technologies. To achieve this, the study focuses on mutual matrix processes and pairwise comparisons of criteria in row "i" and column "j" to identify the most favorable strategic management accounting scenarios for sustainability in the context of financial technologies.

Result

In this study, due to the lack of a coherent theoretical framework regarding the accounting functions of strategic management in the sustainability of companies using financial technologies, thematic analysis was employed in the first phase. During the 13 interviews conducted, a total of 3 overarching themes, 6 organizing themes, and 26 basic themes were identified through three stages of coding. Next, to formulate future scenarios for assessing the sustainability of financial technologies, the link matrix was used to identify the most impactful central organizing themes by analyzing the inputs and outputs of the matrix model through the MiM-Mak matrix. The results of this phase confirmed two key bases: the service cycle costing technique in fintech sustainability and the benchmarking technique in fintech sustainability. These bases serve as the axes for determining possible scenarios for evaluating the functions of strategic management accounting in the sustainability of companies using financial technologies. Through the reciprocal matrix, these scenarios provide a structured approach to describing the phenomenon under investigation.

Discussion

The purpose of this study is to explore perspectives on strategic management accounting in the sustainability of companies in terms of applying financial technologies (FinTech). Based on the results, the most favorable scenarios, in the matrix of mathematical functions is located in the third quadrant, referred to as the "metaphorical scenario of Heraclitus". This scenario highlights the significant role of the service cycle costing technique in fintech sustainability. In analyzing the results, it can be concluded that strategic management accounting, with a focus on the service cycle costing technique in fintech sustainability, seeks to explore the benefits of providing technological financial services to beneficiaries. This approach differentiates itself from traditional methods of delivering financial services by offering more perceptible advantages, such as faster access to financial information, enhanced technical criteria for decision-making, and improved financial support for beneficiaries. Thus, the financial service cycle costing tool, through strategic management accounting, enables these capabilities and fosters more advanced prospects for fintech sustainability at the level of commercial companies.

Conclusion

The results of this study indicate that strategic management accounting, with an emphasis on the service cycle costing technique in fintech sustainability, aims to explore the benefits of providing technological financial services to beneficiaries. This approach seeks to differentiate these services from other financial service delivery methods by offering more tangible advantages, such as faster access to financial information, enhanced technical criteria for decision-making, and improved financial support for beneficiaries.
 

Abstract The purpose of this research is the startup accounting development field’s framework and appraisal in the context of capital market companies. This study is exploratory in terms of the type of objective, and it is considered mixed in terms of the type of data collection. In order to measure the reliability of the identified dimensions, the fuzzy Delphi process was used to examine the confirmed axes from the phase of the fuzzy Delphi analysis, based on pairwise comparison in the quantitative section through the Micmac matrix. The results of this study in the qualitative part, during 13 interviews, identified four categories, 8 components, and 41 themes of the concept and developed them in the form of a multidimensional theoretical framework. In the quantitative section, it was also determined that the effectiveness of the "G_1" educational field strengthening dimension is higher than the other examined dimensions, and this dimension was selected as the most central factor in the development of startup accounting in the context of capital market companies.

Introduction

Financial startups are considered one of the most emerging ways of managing financial resources and accounting of the third generation. While accelerating the liquidity circulation cycle in industries, they also possess higher competitive capacities to leverage the advantages of financial markets. However, the importance of the development of startups is not necessarily tied to their novelty or uniqueness in driving competitive business dynamics, but rather to their ability to provide financial services at lower costs, with greater speed and universality at the financial market level, meeting the needs of beneficiaries. This can gain legitimacy for companies through their financial and accounting functions.

Literature Review

One of the most exemplary business models is startups, which are often created as small and flexible units within organizational structures, or as start-up businesses in the form of small and medium-sized companies through innovative plans, they consistently aim to provide goods and new services that are competitive in the market. Therefore, startups can be defined in two ways. On the one hand, startups can be described as companies with the goal of achieving rapid growth in a specific market or situation. On the other hand, startups can be considered human institutions designed to create new products or services under uncertain conditions. Accordingly, startups should be considered a valuable resource for generating new knowledge, which has gradually transformed into innovation with the development of entrepreneurial infrastructure, as they leverage emerging technologies to invent new products and business models.

Methodology

This study is considered exploratory in terms of its goal within the methodology because it uses the analysis of foundational data theory based on Glazer's approach to identify the background procedures of accounting development for the implementation of financial startups in the context of capital market companies. In terms of the study’s results, it is developmental because the phenomena investigated lack theoretical coherence and an integrated content framework in the study’s context. Regarding the type of data, this study should be considered mixed. In the qualitative part, using foundational data theory and conducting interviews, the effective background procedures for the development of accounting for the implementation of financial startups are identified in the form of a theoretical framework, ensuring the reliability of the identified dimensions through Delphi analysis. In the quantitative part of this study, using the MicMak matrix, an attempt is made to identify the most central area of ​​startup accounting development in the context of capital market companies by comparing the criteria in the row " " and the column " ".

Result

In the qualitative part, through the approach of analyzing foundational data theory and conducting interviews with experts, a total of 41 conceptual themes; 8 components, and 4 categories were identified during the three stages of open, central, and selective coding. Based on this, a theoretical, multidimensional framework was developed, focusing on key axes effective in the development of startup accounting. Subsequently, the reliability of the axes identified through the foundational data theory was measured by performing a fuzzy Delphi analysis. The results indicate the confirmation of all dimensions within the analysis threshold of 0.7.

Discussion

In the following, the axes identified through the Micmac matrix were compared in pairs between the positive pole "+ve" and the negative pole "-ve" to determine the level of influence of row "i" on column "i" or vice versa. The results of the placement of the 8 confirmed axes in the 4 quadrants of the Micmac matrix are significant. Based on this analysis, it was determined that the two dimensions of strengthening the ecosystem fields "G₅" and strengthening the educational fields "G₁" respectively have a higher level of influence and effectiveness than the other dimensions.
The results indicate that capital market companies, to advance their goals of implementing start-up accounting procedures, should focus on strengthening the skill capacities of accountants to effectively use these types of software platforms, based on structural needs assessments.
 

Abstract This article aims to evaluate the performance of staff at the National Treasury following the implementation of an electronic fund request system. This evaluation is conducted using the Balanced Scorecard approach. The research methodology employed is descriptive and applied in nature. The study’s statistical population comprises 53 experts, auditors, and managers from the National Treasury, working at the Ministry of Economic Affairs and Finance. This group also includes the implementers and specialists of the electronic fund request system. The validity of the questionnaires was determined using content validity, and reliability was established with a Cronbach’s alpha coefficient of 0.883. The study’s findings suggest that the performance of National Treasury staff, post-implementation of the electronic fund request system, is satisfactory when viewed through the lens of the Balanced Scorecard. The key criterion for evaluating the performance of National Treasury staff is empowerment, with an average rank of 3.25.   Introduction Success in the implementation of electronic government in any country requires a model tailored to the goals, requirements, and conditions of that country. Therefore, a lack of proper planning can lead to neglecting needs and failure in achieving the goals. However, planning alone is not enough to guide and evaluate the performance of companies in an era where creating value and generating wealth through investment in customers, suppliers, employees, processes, technology, and innovation is essential. Research question: Is the performance of the employees of the General Treasury Department optimal from the perspectives of financial, customers, internal processes, and growth and learning dimensions of the Balanced Scorecard after the implementation of the electronic fund request system? Literature review The Balanced Scorecard presents a framework for articulating strategies aimed at generating value for an organization’s stakeholders, including shareholders, customers, and citizens. Over the years, the Balanced Scorecard has evolved significantly. It began as a performance evaluation tool in 1990, featuring performance dimensions, strategic objectives, key indicators, and performance-related rewards. By 1996, it had transformed into a new management system, emphasizing organizational learning, the identification of operational issues, feedback for future planning, and fostering organizational knowledge, along with the introduction of the PDCA management cycle. In 2001, it was presented as a framework for facilitating change. Methodology Drawing upon the models scrutinized in the research trajectory and theoretical underpinnings, this study evaluates employee performance within the country’s General Treasury. It employs the Balanced Scorecard approach and uses the Treasury as a case study to formulate the research model. This research is applied in nature, utilizing the cognitive and informational context provided by foundational research to address needs. The aim of applied research is to devise solutions for operational issues, and its results should be implementable. Furthermore, in terms of its nature and methodology, this research is descriptive (survey research). The objective of conducting descriptive research is to depict the tangible and actual characteristics of a subject or phenomenon. The questionnaire’s validity was confirmed by a group of university experts and professors, and its reliability was affirmed using Cronbach’s alpha coefficient (α=0.883). Following the distribution, collection, and analysis of information, a consensus was reached among experts to position the criteria within each of the four dimensions of the BSC. Result Upon collection and extraction, the questionnaires were processed using SPSS statistical software for analysis. Descriptive statistics were utilized, including frequency, frequency percentage, mean, and standard deviation. Discussion This study uses the one-sample t-test for analyzing and measuring the questions. To identify which scale of the Balanced Scorecard approach is prioritized, the Friedman test was utilized. Furthermore, to determine which micro-variable of the Balanced Scorecard approach’s scales received the highest score, the mean and, more specifically, descriptive charts were used. In this regard, we discuss the 4 main research questions. First question: According to the one-sample t-test, since the significance level (sig) is 0.005, which is less than the standard level of 0.05, and given that the t-test value is reported as 2.944, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.39, which is 0.39 higher than the population mean (3). Second question: Considering the one-sample t-test, since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 6.606 which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.58, which is 0.58 higher than the population mean (3). Third question: Since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 4.261, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.37, which is 0.37 higher than the population mean (3). Therefore, it can be generally concluded that after the implementation of the Electronic Fund Request System, from the internal processes perspective (except for the two dimensions of binding instructions and lack of focus), the performance of the employees of the General Treasury is satisfactory. Fourth question: Considering the one-sample t-test, since the significance level (sig) is 0.0001 and this value is less than the standard level of 0.05, and given that the t-test value is reported as 5.137, which is greater than the standard level of 1.96, zero does not fall within the upper and lower limits. Considering the descriptive statistics of the t-test, the acquired mean in the sample is reported as 3.47, which is 0.47 higher than the population mean (3). Therefore, it can be generally concluded that after the implementation of the Electronic Fund Request System, from the growth and learning perspective (empowerment, culture and values, satisfaction with the work environment, quality of training courses, and satisfaction with professionalism), the performance of the employees of the General Treasury is satisfactory. Conclusion The findings of the study indicated that empowerment, with an average rank of 3.25, secured the highest rank and was of significant importance. Subsequently, culture and values, quality of training courses, job satisfaction, and satisfaction with the work environment were also deemed important. This research provided a holistic view of the performance of the employees of the General Treasury, rather than focusing on just one aspect of performance. In essence, alongside financial measures, aspects such as customer experiences, employee growth, and process improvement and efficiency were also taken into account.    

Abstract The purpose of this research is the evaluation of effective criteria for the desirability of financial stability integration based on the comparison of metaheuristic algorithms in banks listed on the Tehran Stock Exchange. Initially, through a systematic content screening process, the effective criteria for the desirability of financial stability integration are used to evaluate banks listed on the Tehran Stock Exchange. Then, relying on two algorithms of Particle Swarm Optimization and Gray Wolf, the study reveals that both innovative algorithms used in this study have the necessary capability to determine the desirability of the financial stability of banks listed on the Tehran Stock Exchange.
Metaheuristic Algorithms, Financial Stability Integration, The Desirability of Banks' Efficiency.

Introduction

One of the most important changes in the economic systems of societies is the increasing focus on the functions of financial stability in the banking systems of countries, which has been increasingly taken into account in macroeconomic policies. It is important to note that, due to reasons such as international sanctions, the banking system in developing countries faces many challenges, including disruptions in the banking system and financial exchanges as a result of the reduced foreign trade. This can lead to increased financial costs and risks, reduce public trust in the banking system, diminish international interactions with foreign banks, and disrupt the economic balance. The purpose of this research is the evaluation of effective criteria for the desirability of financial stability integration based on the comparison of metaheuristic algorithms in banks listed on the Tehran Stock Exchange.

Literature Review

Financial stability in the banking system is defined as a low level of vulnerability to possible risks, which creates a level of balance and stability in banking systems through the ability to resist economic challenges. Elsa et al. (2018) also considered the financial stability of banks as a basis for economic growth functions in a definition and stated that a dynamic banking system needs to control the risks and costs of commercial transactions in a balanced economy to achieve stable financial stability. On the other hand, Verma and Chakarwarty (2023) suggested that if financial stability does not govern the banking systems of countries and they do not have the necessary efficiency, the optimal direction of resources to industries faces a serious challenge, and this issue can affect the country's economic growth in a short period.

Methodology

This study employs a combined and applied methodology. Initially, through a systematic content screening process, the effective criteria for the desirability of financial stability integration are used to evaluate banks listed on the Tehran Stock Exchange. Then, relying on the two algorithms of Particle Swarm Optimization and Gray Wolf and extracting data related to the criteria identified between 2017 and 2018, efforts are made to determine the optimal point of desirability of financial stability integration for banks listed on the Tehran Stock Exchange. In this process, based on the expansion of the mathematical equations of each metaheuristic algorithm and the command codes of the MATLAB software, necessary actions are taken to answer the research questions.

Result

The results showed that both innovative algorithms used in this study have the necessary capability to determine the desirability of the financial stability of banks listed on the Tehran Stock Exchange. However, based on the Wilcoxon Signed-Rank Test coefficients, the Gray Wolf algorithm is more accurate than the Particle Swarm Optimization algorithm for predicting the function of the identified criteria in determining the desirability of financial stability of banks listed on the Tehran Stock Exchange. The results after executing command processes in MATLAB software indicated that both algorithms have the necessary capability to determine the desirability of the financial stability of banks admitted to the Tehran Stock Exchange. However, based on the coefficients of the Wilcoxon test, the Gray Wolf algorithm has a higher accuracy than the Particle Swarm Optimization algorithm for predicting the performance of the identified criteria in determining the desirability of the financial stability of accepted banks. It is also found that the most effective criterion in strengthening the determination of the desirability of financial stability of banks is the liquidity circulation "ϑ₃" in the Gray Wolf algorithm.

Discussion

It is also found that the most effective criterion in strengthening the determination of the desirability of banks' financial stability is the Turnover Ratio in the Gray Wolf algorithm. The coefficients obtained in the Gray Wolf algorithm indicate a more effective optimization of effective criteria in determining the financial desirability of the country's banking system. This issue provides an explanation for the interpretation that banks can benefit from this algorithm for financial planning and covering their weaknesses in preserving resources even in the risky conditions of today's economy.

Conclusion

The results show that the banks whose total value of transactions in the capital market is higher than the average value of their total shares over a certain period have higher capacities for liquidity circulation. Furthermore, in providing banking services in current and investment matters in competitive projects, these banks have the upper hand compared to other banks. The existence of such added value of shares in the capital market can be considered as contributing to higher returns and lower risk for investing in these banks. Therefore, as the basics of determining the comparative evaluation between algorithms, i.e., the constant return to scale (CRS) and the variable return to scale (VRS) showed banks with higher liquidity circulation and relying on the Gray Wolf algorithm reach the optimal point faster. This finding illustrates the flexibility of financial resources in timely allocation to the market and industries, which can bring higher returns for their shareholders in the long run.

Abstract The implementation of the engagement quality control review (EQCR) by the engagement quality control reviewer has been considered as one of the key elements of quality control in the auditing standards and its implementation is required in the audit of companies listed on the stock exchange. In this research, the data were collected through (1) conducting interviews with 25 partners of Iranian auditing firms in the spring and summer of 2023 and (2) the opinions of 12 certified accountants that were published in a newspaper or professional journals in the form of a conversation, round table, notes or articles. Then, by applying the grounded theory, the components that are the obstacles to the effective application of EQCR are identified and presented in the form of a conceptual system model. The validity of the research model was confirmed by 7 audit partners. The findings from the analysis of research data show that there are various obstacles in its different dimensions, the most important of which are: the structure and organization of some audit firm, the small size of many audit firms, economic considerations, low fees of Iranian audit firms, lack of qualified auditors, moral issues in the society, the society's specific problems, governing laws and regulations, weaknesses in quality grading of audit firms, inadequate communication with international professional communities, low awareness of auditing and lack of development, and low application of technology in Iranian audit firms. Considering that the international auditing standard 220 has been updated and includes more requirements for the EQCR, along with the findings of this research showing that the quality control standard is not effectively implemented by Iranian audit firms, some suggestions are given to fill these gaps.

Introduction

The objective of a firm is to design, implement, and operate a system of quality control for audit, review of financial statements, or other assurance or related services engagements performed by a firm, that provides the firm with reasonable assurance that: (a) The firm and its personnel fulfill their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and (b) Engagement reports issued by the firm or engagement partners are appropriate in the circumstances. According to the auditing standards, engagement quality review is an objective evaluation of the significant judgments made by the engagement team and the conclusions reached thereon, performed by the engagement quality reviewer and completed on or before the date of the engagement report. Engagement quality reviewer is a partner, other individual in the firm, or an external individual, appointed by the firm to perform the engagement quality review (IAASB, 2020). Surveys show that engagement quality control review, as one of the key elements of quality control, has not been established in Iranian audit firms. Its causes have not been clarified in previous research. Therefore, in this research, we seek to clarify its causes and obstacles.
Research Question(s)
What are the obstacles of applying engagement quality control review in Iranian audit firms?

Literature Review

Engagement quality control review is one of the key elements of the quality control system of auditing firms, which is considered in the auditing standards. The literature review shows that this issue has not been studied in Iran. However, some Iranian certified public accountants and audit firm partners have pointed out some obstacles of implementing quality control reviews in the form of notes and roundtables published in professional journals. The Public Company Accounting Oversight Board has described the key issues of quality control review in the United States in 2023 in a report entitled " SPOTLIGHT: Inspection Observations Related to Engagement Quality Reviews". This report shows that there are still many concerns about the quality control review (PCAOB, 2023).

Methodology

Considering the nature of the research problem, which is subjective and relies on the experience of audit institution partners, the application of a qualitative research approach is deemed appropriate. Additionally, since no specific theory has elucidated this phenomenon and there has been no prior research in this area, the use of grounded theory is fitting. Conducting interviews is one of the main methods of data collection in grounded theory (Strauss & Corbin,1990). Therefore, research data have been collected through interviews. Interviews were conducted with 25 partners of audit firms in the spring and summer of 2023. It is noteworthy that in grounded theory, all information is considered as data (Danai Fred et al., 2013). Hence, discussions, roundtables or articles published by 12 Iranian certified public accountants in professional journals or newspapers were also used as data. In the qualitative method of research, unlike the quantitative approach, statistical sampling is not important and sampling is judgmental. That is, people who have the most experience and involvement with the studied phenomenon are selected. Interviews with participants continue until theoretical saturation is reached, meaning that new participants do not introduce new insights beyond what has already been discussed.The interviews are then transcribed, and conceptual tags are attached to each sentence or paragraph of the text. In grounded theory, data analysis is done in three stages: open coding, axial coding, and selective coding. In this research, three methods were used to analyze the data.

Results

After conducting the research and data analysis, it is found that there are various obstacles in various dimensions for the application of quality control in Iranian audit firms. These obstacles were extracted in the form of conceptual tags. Based on selective coding, they were classified into different categories. To provide a comprehensible presentation of the barriers, these conceptual labels were categorized and presented in the form of inputs, processes, outputs, consequences, and contextual factors. Presenting these conceptual labels of obstacles in different dimensions helps us to have an accurate picture of the causes and obstacles so that we can adopt strategies to solve them. Some of the most important obstacles are: the structure and organization of some audit firms, the small size of many audit firms, economic considerations, low fees of Iranian audit firms, lack of qualified auditors, moral issues in the society, the society's specific problems, governing laws and regulations, weaknesses in quality grading of audit firms, inadequate communication with international professional communities, low awareness of auditing, and lack of development, and low application of technology in Iranian audit firms.

Discussion

In this research, after analyzing the data, many obstacles are extracted in various dimensions. These factors limit the effective implementation of engagement quality control review as one of the key elements of the audit quality control system. With these conditions, achieving audit quality becomes challenging.

Conclusion

In this research, the obstacles to the application of quality control review in Iranian audit firms were examined. The findings show that there are many obstacles in different dimensions. The structure and organization of some audit firm, the small size of many audit firms, economic considerations, low fees of Iranian audit firms, lack of qualified auditors, moral issues in the society, the society's specific problems, governing laws and regulations, weaknesses in quality grading of audit firms, inadequate communication with international professional communities, low awareness of auditing and lack of development, and low application of technology in Iranian audit firms are the main obstacles to the application of engagement quality control review in Iranian audit firms. If these obstacles are not removed, the audit quality of Iranian audit firms will be affected. Additionally, in the present circumstances, it cannot be assured that professional standards will be fully followed. This research is the first Iranian research that has studied this issue and can be an avenue for future research. Future research could study other stakeholders or rank these obstacles. Furthermore, conducting similar research in the future will clarify the extent to which these obstacles can be overcome. The findings of this research can provide a clear perspective on engagement quality control review in Iranian audit firms and its obstacles to regulators, such as the Iranian Association of Certified Public Accountants (IACPA). One suggestion arising from the findings could be to increase the weight of the scores related to the engagement quality control review. Another suggestion would be to promote and clarify the benefits of engagement quality control review for audit firms. The last suggestion is the training of competent quality control reviewers by the AICPA or other educational and professional centers.
Acknowledgments
We acknowledge the participants in this research who helped us.
 

Abstract The purpose of this study is evaluation matrix of perspective on the driving forces of legacy accounting. In this study, in terms of the methodological goal, this study is exploratory and from the perspective of the result, it is placed in the category of applied research. The participants in the qualitative part include 12 academic experts and accounting professors who have professional experience in the field of accounting and financial reporting, and in the quantitative part 22 people from managers and board members of companies with the nature of family ownership in this study as a pairwise comparison they participated. The result of this study in the qualitative part indicated the existence of 3 categories, 8 components and 39 themes as drivers of legacy accounting in family ownership, which was confirmed based on Delphi analysis. Then, by choosing 2 factors out of 8 identified components as the basis of scenario creation, 10 themes identified as sub-factors of scenario creation were examined. The result of the acquisition in a quantitative part indicates the existence of 4 scenarios with a favorable situation, which shows that the scenario of the second quarter with the metaphorical title of "Governance Hegemony" was determined to be the most effective driver in the emergence of legacy accounting in family-owned companies.
 Introduction
Family-owned companies always face the assumption of opportunism at the level of the capital market from the point of view of market theorists and analysts, the reason for which is the large number of board members affiliated with the company owner or holding management positions in the decision-making structure of this type of companies (Sun et al., 2023). Assuming the acceptance of such an approach, it can be concluded that the method of financial functions and information disclosure is also done with the aim of covering the priorities of those in power in such a structure. Under such conditions, the violation of the rights of the beneficiaries can be considered the most important consequence of investing in these companies (Rezayee Pitenoei et al., 2021). Legacy accounting, as a term in such a structure with family ownership, can be considered a kind of practice in the shadow or parallel to the main accounting method of companies, which is used by the management of these companies to satisfy their opportunistic needs (De Wolf et al., 2020). In fact, legacy accounting is considered to be the result of a method of information disclosure that systematically prioritizes the interests of those in power over the interests of other shareholders. This is done in order to stimulate new investors to invest in the company's shares on the one hand and maintain the loyalty of current shareholders on the other. Additionally, it is used to secure their interests by providing cash for the development of investment plans and projects (Lloyd et al., 1999).

Literature Review

Legacy accounting aims to secure the interests of the majority of family owners by increasing the cost of minority shareholders, both in terms of money and share value (Wild, 2015). In fact, the interests of the majority of the shares, by increasing the members of family ownership through opportunistic accounting procedures, can deepen the conflict of interest between the internal owners (family owners) who control the company and external shareholders. This conflict of interest in legacy accounting procedures manifests in various ways, such as selling the company's products at a lower price to related people, hiring unqualified family members in the company, increasing the salary and benefits of family members, or showing an increase in tax payment. For example, companies often seek to minimize taxes, but some studies based on the accounting practices of family-owned companies show increased tax payments (Xia et al., 2017), as these companies aim to fulfill their financial obligations and seek to enhance their reputation by promoting social responsibility.

Methodology

When designing the model, it is crucial to consider the execution method, ensuring that the phenomenon under investigation lacks an integrated framework and coordination within the target society, at least in terms of content. Therefore, given the lack of necessary theoretical coherence of the concept of legacy accounting within family-owned companies, as discussed in the theoretical foundations and introduction, this research is categorized as developmental research in terms of the result. The research approach of the current study, in terms of data collection logic, is of a hybrid type. This is because it explores a phenomenon for which there is no comprehensive framework in the theoretical areas of legacy accounting at the level of capital market functions, or where consensus is lacking. Therefore, the analysis of the qualitative part and the reliance on the data theory method are used to present the dimensions of the legacy accounting model as a multidimensional model.
For this purpose, Glaser's (1992) emergent approach is used to develop the legacy accounting model through three stages of coding by using interviews with experts. In this approach, the theory emerges from the data, and researchers do not have presuppositions regarding the relationship between the data from the beginning. Additionally, based on the emergent foundation data theorizing strategy, data analysis begins simultaneously with the interviews (Kolayeanmoghadam et al., 2020). In terms of the purpose, this research fallswithin the category of exploratory studies conducted using both quantitative and qualitative models. The present study employs various research methods to address the formulated questions, tailoring each method to the specific needs of the respective department. Therefore, based on the nature of collection, this study can be classified as mixed research. Thus, different methods are employed for data collection and analysis at each stage of this study's analytical processes.
 

Result

This research, by undertaking through three main steps in the theoretical analysis of foundational data including open coding, selective coding, and core coding, seeks to explore the concept of heritage accounting development based on a theoretical framework. Through 12 interviews conducted across three stages of open coding, central coding, and selective coding, a total of three categories, eight components, and 39 conceptual themes were identified. These dimensions were determined after Delphi analysis to ensure reliability. Next, aiming to formulate future scenarios for evaluating the driving forces behind the development of legacy accounting in family ownership, the most effective axes for this evaluation were determined using the Micmac matrix by identifying the inputs and outputs of the matrix model. As a result, this section confirmed governance opportunism and behavioral opportunism as the primary driving factors influencing legacy accounting in family-owned companies. Subsequently, through the reciprocal matrix, scenarios describing the driving forces in the emergence of this accounting practice were determined.

Conclusion

The term hegemony means the dominance of a group of power holders over others. The extension of this concept to the mechanism of governance refers to the fact that a powerful person as an owner, in an effort to protect their interests, tries to make arbitrary appointments based on the level of loyalty to the person in power. Decisions should be made solely to achieve the goals and visions set by the powerful person. In this governance structure, while the size of the board of directors may adhere to rules and requirements, the absence of conflict of interest and diversity of views within the board compromises its ability to effectively monitor the company's operations, leading to decisions primarily aligned with the owner's objectives. In such structures, the board of directors often lacks the necessary independence to make decisions contrary to the opinions of those in power. Instead, they merely symbolically apply external supervision to maintain market stability. In general, the scenario of hegemonic governance shows the promotion of the dominant values and culture of the power holders in a company, which is a model of the pervasive dominance of their ideas and opinions over the entire company. Additionally, this result indicates that legacy accounting within such a regulatory process serves as an instrumental approach, a lever to advance governance goals in family companies. By selectively disclosing news and information to stakeholders, it seeks to protect the interests of these individuals or the so-called powerful person

Abstract Public Sector Internal Audit, by delivering reliable and consulting services in line with improvement and eliminate challenges can support organizations to achieve goals and provide better services. The purpose of this study is to provide a model for the establishment of internal audit in the public sector entities in Iran. The approach of the research is based on qualitative method by using fuzzy Delphi model. The statistical population consisted of 85 experts and elites in the internal audit who were selected as the expert group of the research by using non-probability sampling technique. Finally, after the consensus of the experts, we establish the framework internal audit in public sector by considering external environment and our country criteria. This framework can assisting ministers and heads of state agencies in promoting the level of performance and evaluation of financial and operational accountability in addition to growth and improvement of the financial oversight system and the increase of efficiency, effectiveness and economic scale in the public sector.
1- Introduction
Internal audit, as a part of the internal control system and one of the important components of corporate governance, plays a significant role in creating added value by improving the quality level of the organization's operations and activities and complying with laws and regulations and their implementation methods.
Internal audit is one of the effective tools in the process of realizing and evaluating the level of financial and operational accountability. In this process, the government acts as a respondent and citizens and representatives will play a role as receivers of the answer. In such a system (if such an approach is accepted), the minister or the head of the executive body, in terms of the heavy responsibility he has for accountability, designs and implements appropriate control mechanisms to ensure compliance with laws and regulations. The questions raised in this research can be summarized as follows:
Main question 1: What is the pattern of establishing internal audit in government institutions of the public sector of Iran?
The purpose of this research is to provide a model for the establishment of internal audit in the government agencies of the public sector of our country.
2- Literature Review
In a report, the Organization for Economic Cooperation and Development (OECD) (2011) examined the role of internal audit and internal control as a means of strengthening the transparency and accountability of the public sector.
Gamayouni (2018) in a research investigated the effect of the efficiency of the internal audit function and the implementation of the accrual-based government accounting standard on the quality of financial reporting. Dunya and Barak (2021) addressed the issue of internal control, a lever for good governance of state-owned companies in Morocco.
Rahmani et al. (2014) examined the obstacles to the establishment of internal audit units in public universities in Iran. The obstacles facing the establishment of the internal audit unit are placed in 3 main groups: "Cultural, organizational and legal obstacles", "Lack of recognition, training and proper familiarity" and "Obstacles related to the employees of the internal audit unit".
Nikbakht et al. (2016) in a research, analyzed Vera's data with the help of open, central and selective coding method which is specific to grounded theory approach. Moradi and Bahri Terali (2017) studied the factors affecting the effectiveness of internal audit in improving internal controls in banks and state-owned companies.
3- Research Method
The current research is an applied and developmental research. In this research, it seeks to know the existing conditions and help in the decision-making process, so it is classified as a descriptive research, and it also seeks to obtain the opinion of a large statistical community on the subject of the research, so it is a descriptive-survey research.
According to the use of the fuzzy Delphi method, the statistical population of the research includes experts based on the three characteristics of "presence of representatives of expert groups", "deep knowledge of the research topic" and "breadth of opinion and knowledge". ", from among expert groups such as auditors. The head of the State Court of Audit, auditors of executive bodies, and directors of audit organizations and academic faculty members of universities who have experience in the field of internal audit using non-probability-chain or network sampling method Barfi) were selected.
In this research, first, to identify the dimensions, components and indicators of the internal audit establishment model, the subject literature has been reviewed using the library study method. After identification, the examples of these cases in the public sector of our country were examined based on the opinion of experts. Considering the advantages of the fuzzy Delphi method (29FDM) compared to the traditional Delphi method (30TDM), the fuzzy Delphi method has been used in this research.
4- Research findings
In the data collection phase, 85 questionnaires were completed and presented by 100 members of the expert group. 14.1% of the respondents to the questionnaire questions are in the doctoral level, 77.6% are in the master's level, and 8.2% are in the bachelor's degree. 18.8% of the respondents to the questions of the academic questionnaire, 41.2% were accountants and 40% were auditors of the Court of Accounts.
According to the education distribution of the respondents who form the expert group, the obtained results are reliable. In this research, we tried to use the most appropriate group to achieve more accurate results. The reliability of the questionnaire was determined by Cronbach's alpha method. If the obtained alpha coefficient is more than 0.7, it has an acceptable reliability test, which was obtained in this research with a coefficient of 94. Therefore, the questionnaires of this research have good reliability. Based on the results of binomial test for all items, the significance level is less than 0.01. Therefore, at the 99% significance level, the ratio of agreement and disagreement is not the same, and because the ratio of agreement is more than 0.5, the initial agreement of the experts with the items is acceptable. After the binomial test, fuzzy analysis was performed using triangular fuzzy shapes. If this number is greater than 7, it is accepted, otherwise it is rejected.
5-Discussion
The importance of the role of internal audit in public institutions has increased in the last two decades. Internal controls and auditing are considered a desirable function to assist public sector management. Because internal audit plays a fundamental role in maintaining public funds, discovering and preventing abuses and mistakes, and improving methods.
6-Conclusion
In this research, an attempt was made to present the model of establishing internal audit in a local way. In this regard, with the help of the fuzzy Delphi method, according to the opinion of experts, dimensions, components and indicators were presented in the form of the mentioned model.
 
 

Abstract This article deals with modeling the long-term performance of IPOs in the Tehran Stock Exchange and OTC. Due to the difficulty of determining the definition of the long-term period, modeling was initially conducted for 12 periods. These periods ranged from 3 to 36 months. The purpose of this modeling was to analyze and compare the results and identify the most suitable periods for explaining the long-term performance of IPOs. Modeling has been conducted at the portfolio level using a Stepwise approach. For this purpose, the monthly time series was formed, and data from 236 IPOs in the Tehran Stock Exchange and OTC markets from 2009 to 2022 have been analyzed. The results showed that the return of the portfolios formed from initial offerings could be explained at a satisfactory level. While the primary factor in explaining the long-term performance of IPOs is market return, the profitability, and its distribution also play a significant role. Finally, the most suitable periods for use as the definition of the long-term period are 12, 21, and 27 months.

Introduction

The long-term performance of Initial Public Offerings (IPOs) has always been disputed by researchers. The inherent challenges of conducting long-term research and the complexities associated with Initial Public Offerings have led researchers to use different methods resulting in inconsistent findings.
A prevalent approach in studying long-term IPOs is the use of “factor models” to identify the factors influencing IPO portfolio performance. However, the literature has presented and utilized several factor models. Examples of these models include Fama and French (1993), Carhart (2004), Fama and French (2015), and Ho et al. (2015). Despite some similarities, each of these models employs different factors and variables to explain IPO performance. In recent years, many researchers have criticized the use of these common models in their respective countries, citing reasons such as ineffectiveness of these models. These researchers argue that neglecting the socio-economic context of societies can lead to misinterpretation of return and yield inappropriate results for decision-makers. Consequently, each society should develop and employ its own models. Considering these issues, this research aims to provide models that explain the long-term performance of Iranian IPOs. Specifically, by testing various factors and variables, this study identifies the most effective models for explaining the long-term performance of IPOs in Iran.

Methodology

In this research, a stepwise approach was employed. Monthly data of 236 IPOs between 2009 and 2022 were utilized to construct relevant time series, and the returns of the IPO portfolios were analyzed with respect to potential factors that explain the return. To determine the initial set of variables, a systematic review approach was adopted. Due to the high correlation and multiple proxies for the liquidity factor, the liquidity variables were first reduced to three factors using principal component analysis. In total, 19 different factors and variables were included in the analysis.
Given the lack of consensus among researchers regarding the definition of the long-term period, the modeling process in this research considered 12 different periods ranging from 3 to 36 months with a three-month increment. The selection of appropriate models was based on the criteria of accuracy and quality forecast, specifically Theil’s (1975) criterion. Three models that nest met these criteria were chosen, and the corresponding portfolio periods were identified as the defining terms for the long-term period. The validation of the selected models was performed by comparing their adjusted R² values with those of common models found in the literature. Additionally, out-of-sample testing was conducted using 10% of the data to assess the model’s performance.

Results and Discussion

The research findings indicate that the models developed in this study exhibit a strong explanatory power, accounting for approximately 80% of the variations in the returns of IPO portfolios. Among the different portfolio periods considered, the models constructed using 12, 21, and 27-month portfolios demonstrated superior accuracy and forecast quality according to Theil’s (1975) criteria. As a result, these specific periods were identified as the most suitable definitions for the long-term period in this context. The significant variables identified in the models include market return, profitability, size, and dividend. Although the models generally incorporate a set of relatively common variables, the specific model associated with each defined period can be employed to achieve better results, taking into account the specific characteristics of the long-term period under consideration. Furthermore, it is worth noting that the intercept of the designed models, as well as the intercepts of the common models found in the literature, were found to lack statistical significance.

Conclusion

Based on the analysis conducted in the research, it can be concluded that utilizing native models specifically designed for IPOs provides a suitable explanation for their long-term performance. The primary factor in explaining the long-term performance of IPOs is found to be the market return. This suggests that the performance of initial offerings is primarily influenced by the overall market conditions, while other variables, such as profitability help modulate this effect. Additionally, the non-significance intercept in the models indicates that there is no evidence of long-term under or over-performance of IPOs in Tehran's financial markets. The superiority of the designed models compared to other common models is evident primarily in the 12-month period. While the performance of the models in other periods depends on the specific model employed.